According to a recent CNN story, the Vatican is calling for increased global cooperation in economic issues, specifically for a new “global public authority” to help alleviate the economic woes that all of us are now facing. The Vatican is concerned that the market economy is not working any longer and that a central economic authority needs to be in place to regulate this market’s inequities and vulnerabilities. This authority would also be able to impose penalties on individual market economies that were not behaving “efficiently.”
Personally, I like this idea. Our world has outgrown the 20th century (and earlier) ideologies, including economic theories, and we need to realize that all the nations of the world are economically intertwined. I admit, it would be a perilous adventure to have such a global authority but I fear it is even more perilous if we continue present course.
Now I’m realistic. This is not going to happen anytime in the near future. I can hear the right-wing crowd scream with an age-old mantra, “One world government, one world government! Its of the devil and a sign of the end times.”
(CNN) – Against the backdrop of the European debt crisis and the birth of the Occupy Wall Street movement, the Vatican on Monday called for a new “global public authority” to help reform the world’s finance and economic systems.
New ideologies are “reducing the common good to economic, financial and technical questions, (placing) the future of democratic institutions themselves at risk,” said Roman Catholic Bishop Mario Toso at a Monday press conference.
The document, called “Towards reforming the international financial and monetary systems in the context of a global public authority” quotes former Pope John Paul II in bemoaning the “idolatry of the market.”
The document calls for a new global economic authority that could impose penalties on member states as “way of ensuring that they possess efficient markets,” Toso said.
Some progressives embraced the Vatican’s call, arguing that it sounded many of the same themes as the Occupy Wall Street movement.